FLEMINGTON, N.J.--(BUSINESS WIRE)--Arno Therapeutics, Inc. (OTCQB:ARNI), a clinical stage biopharmaceutical company focused on the development of therapeutics for cancer and other life threatening diseases, today announced that its Board of Directors has approved a plan for the Company to file a Form 15 with the Securities and Exchange Commission (“SEC”) in order to deregister its common stock under Section 12(g) of the Securities and Exchange Act of 1934. The Company intends to make such Form 15 filing on March 30, 2017. As a result, effectively immediately upon the filing of the Form 15, Arno’s obligation to file periodic and other reports under the Exchange Act will be suspended.
As previously announced on January 4, 2017, the Company’s Board of Directors continues to evaluate all potential development, strategic and other corporate opportunities available to the Company involving its onapristone, AR-42 and AR-12 product candidates. Since January 2017, the Company has been taking action to reduce its expenses in order to conserve its cash and other resources as it evaluates potential alternatives with respect to its product candidates. The Company’s decision to deregister allows the Company to eliminate legal, accounting and other administrative expenses that would otherwise be necessary if it remained a public reporting company.
Once filed, the SEC will have 90 days to review the Company’s Form 15 for compliance with the deregistration requirements. However, effective immediately, as a result of the filing of the Form 15, the Company is no longer required to file reports under the Exchange Act, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The Company also expects that following the filing of the Form 15 its common stock will cease being quoted for trading on the OTCQB Market of the OTC Markets Group Inc.
The Company is eligible to deregister its common stock under the Exchange Act because it is held of record by fewer than 500 persons and because the Company’s total assets as of the last day of the last three completed fiscal years has not exceeded $10 million. The Company also received written consents from the investors in its November 2012, October 2013, January 2016 and August 2016 financings that relieve the Company from its contractual obligations to those investors to maintain its Exchange Act registration and ongoing public reporting.
About Arno Therapeutics
Arno Therapeutics is a clinical stage biopharmaceutical company developing innovative products for the treatment of cancer and other life threatening diseases. Arno has exclusive worldwide rights to develop and market three innovative anti-cancer product candidates. These compounds are in clinical or preclinical development. For more information about the company, please visit www.arnothera.com.
This press release contains forward-looking statements that involve substantial risks and uncertainties. These statements are often, but not always, made through the use of words or phrases such as "anticipates," "expects," "plans," "believes," "intends," and similar words or phrases. These forward-looking statements include, without limitation, statements regarding the timing, progress and anticipated results of the clinical development of onapristone, statements regarding the Company’s ability to consummate any corporate or other transaction involving its product candidates, as well as Arno's strategy, future operations, outlook, milestones, future financial position, future financial results, plans and objectives. Arno may not actually achieve these plans, intentions or expectations and Arno cautions investors not to place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors could cause actual results or events to differ materially from the forward-looking statements that we make. Such factors include, among others, risks that the Company has insufficient capital to fund its ongoing operations and may be unlikely to obtain additional capital in a timely manner, if ever, or on acceptable terms; that if the Company is unable to obtain additional capital or consummate a corporate or strategic transaction, it may be required to cease all operations; that the results of clinical trials will not support the Company’s claims or beliefs concerning the effectiveness of onapristone or any of our other product candidates; regulatory risks; and the Company’s reliance on third party researchers and other collaborators. Additional risks are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. Arno is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.